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The Research on RMB Internationalization

Author: ZouXiaoFang
Tutor: MaiJianGuo
School: East China Normal University
Course: Finance
Keywords: RMB internationalization Currency substitution Triffin Dilemma Asian monetary cooperation Johansen cointegration test
CLC: F832.6
Type: Master's thesis
Year: 2010
Downloads: 832
Quote: 0
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Abstract


RMB internationalization issues in China after years of discussion, but until recent years the government have the substantive policies. The current financial crisis, the U.S. dollar and the floating exchange rate as the representative of the international monetary system by people of torture, that dollar as the core of the international monetary system is causing the root causes of the global financial imbalances, the international community called for reconstruction of the existing international monetary and financial system . Many scholars believe that China and abroad should seize this opportunity to improve the RMB in the status of the global monetary and financial system and accelerating the internationalization of the RMB. A country's currency internationalization of economic and social development to a certain stage of the product is determined by a country's economic strength and its international trade, investment and international financial influence the decision. To prevent the rush to promote the internationalization of RMB harm our country's economic and financial stability, the author believes, and actively choose carefully and grasp the timing of international currency, stable, and progressively promote the RMB regionalization and internationalization, is China's current selection. This is along the \Economic Impact Analysis and risk factor analysis is the focus of this article. This paper first reviews the international currency and foreign experts on relevant research to the connotation of international currency as a starting point, multi-angle demonstrate the feasibility of the renminbi. Article on the economic effects of the internationalization of RMB estimates, mainly empirical analysis, on the one hand calculate the internationalization of RMB may share seigniorage revenue and net investment income; hand through the use of VAR model under Johansen cointegration test to study the RMB exchange rate and China's foreign trade correlation between simulate the process of internationalization of the RMB exchange rate appreciation of different magnitudes, explore RMB internationalization will be on the impact of China's foreign trade. Money is not the only international revenue without cost, the paper model based Griton and Roper exchange rate risk and currency substitution relationships were derived, combined to promote the internationalization of RMB specific situation, analyzes the internationalization of RMB monetary policy more difficult to bring increase, as well as the impact of capital reversal Triffin Dilemma and other risks. Finally, how to better promote the internationalization of RMB gives some suggestions. China is the 21st century with the vitality and development potential of the country. With China's rapid economic development, China has gradually recognized by the international community, the international market traders and the general public's confidence in the RMB, the yuan will eventually among the international currency of the column.

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CLC: > Economic > Fiscal, monetary > Finance, banking > China's financial,banking > Exchange rate,foreign financial relations
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